Spirit of America Management Corp NY Has $5,161,000 Stake in Sprague Resources LP (SRLP)
Spirit of America Management Corp NY held its position in shares of Sprague Resources LP (NYSE:SRLP) during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 217,863 shares of the company’s stock at the end of the third quarter. Spirit of America Management Corp NY owned about 1.02% of Sprague Resources worth $5,161,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Cribstone Capital Management LLC acquired a new position in Sprague Resources during the second quarter valued at approximately $124,000. Acrospire Investment Management LLC boosted its position in Sprague Resources by 35.2% in the second quarter. Acrospire Investment Management LLC now owns 6,210 shares of the company’s stock valued at $150,000 after buying an additional 1,618 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in Sprague Resources during the second quarter valued at approximately $263,000. Raymond James & Associates boosted its position in Sprague Resources by 2.0% in the second quarter. Raymond James & Associates now owns 25,664 shares of the company’s stock valued at $619,000 after buying an additional 510 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Sprague Resources during the second quarter valued at approximately $717,000. Institutional investors own 52.94% of the company’s stock.
Shares of Sprague Resources LP (NYSE:SRLP) traded down 2.80% during midday trading on Wednesday, reaching $22.55. The company’s stock had a trading volume of 53,203 shares. The company’s 50-day moving average price is $24.10 and its 200-day moving average price is $24.08. The company has a market cap of $480.61 million, a PE ratio of 12.61 and a beta of 1.51. Sprague Resources LP has a 12 month low of $15.55 and a 12 month high of $25.80.
Sprague Resources (NYSE:SRLP) last posted its quarterly earnings results on Monday, November 7th. The company reported ($0.44) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by $0.42. Sprague Resources had a net margin of 1.71% and a return on equity of 24.98%. The company had revenue of $422.80 million for the quarter, compared to the consensus estimate of $653.20 million. On average, equities analysts anticipate that Sprague Resources LP will post $1.60 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Tuesday, November 8th were paid a dividend of $0.5625 per share. This represents a $2.25 annualized dividend and a dividend yield of 9.98%. The ex-dividend date was Friday, November 4th. This is an increase from Sprague Resources’s previous quarterly dividend of $0.55. Sprague Resources’s payout ratio is currently 126.40%.
Several research firms recently commented on SRLP. TheStreet upgraded Sprague Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, October 25th. Zacks Investment Research upgraded Sprague Resources from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Tuesday, August 2nd. Finally, FBR & Co began coverage on Sprague Resources in a research report on Friday, September 9th. They set an “outperform” rating and a $35.00 target price for the company. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $29.50.
In other news, insider Paul A. Scoff sold 1,250 shares of Sprague Resources stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $24.43, for a total transaction of $30,537.50. Following the completion of the sale, the insider now owns 20,155 shares of the company’s stock, valued at $492,386.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
About Sprague Resources
Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined products and natural gas, and provides storage and handling services for a range of materials. The Company operates through four segments: refined products, natural gas, materials handling and other operations.
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